28 April 2008 - 14:22Market Commentary 4/28/08

My apologies for my lack of posts these last two weeks. Looking at the markets today it appears that the recovery of the dollar has stalled out at this point and if we see another weak reading of consumer confidence released tomorrow then this is all but guaranteed. USD/CHF and USD/JPY look to both start heading south again either tonight or tomorrow and gold looks to have found support also. There is still a general lack of confidence in the U.S. dollar mainly associated with the housing situation in the U.S. but also due to the antics of the Federal Reserve and the collapse of U.S. banks. Suffice to say the markets initial exuberance on hearing of the bonehead plan to give the Fed complete power has worn off and reality is kicking back in.